Shiba Inu (SHIB) — the ‘DOGE killer’

It’s now a dogfight, with a new digital token that is becoming popular in Chinese cryptocurrency circles.

Introducing the “DOGE killer.”

The new Shiba Inu (SHIB) token has taken the name of the dog where the meme that served as inspiration for Dogecoin (DOGE) came from. It has now gained some ground, being freshly listed on the three most popular cryptocurrency exchanges among the Chinese, Binance, Huobi, and OKEx.

The new puppy in town is also witnessing a lot of investments from Chinese traders despite the fact that they are already aware that the new project lacks technological promise. Last Monday, Binance launched SHIB trading, and the token’s price almost doubled in Huobi, where it was already trading.

The Dogecoin phenomenon

The rise in popularity of the Shiba Inu (SHIB) token comes amid the widespread use of the Dogecoin (DOGE) phenomenon that made the joke cryptocurrency surge and gets significant gains for the past days.

While its price pumps and dumps repeatedly, traders seem to just be okay with it, and they are going along with the flow. The increase and decrease of the price of Dogecoin are often in response to the tweets of Tesla’s Elon Musk.

In fact, when Musk hosted SNL last Saturday, he mentioned DOGE multiple times. But the anticipated price surge did not come, and instead, for the past two days, Dogecoin has seen a nearly 30% drop in its price.

The canine-themed tokens

A senior analyst of OKEx Insights said, “SHIB’s price performance over the weekend clearly shows that the crypto industry hasn’t had its fill of canine-themed meme coins.”

As of press time, According to CoinGecko, Dogecoin’s price stands at $0.51 and has seen a 4.2% decline in the last 24 hours. Meanwhile, Shiba Inu stands at $0.00003253 and has seen a 40.2% increase during the same period.

 

Image courtesy of Cointelegraph News/YouTube

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